OK, let’s put 2020 behind us and get ready for 2021. If you’re thinking of buying a home, condo or co-op next year here are six things to think about now to make the home buying process as smooth as holiday jam!
1. Do go shopping for holiday gifts, especially if you can shop local. But don’t overspend and run up your credit card debts. Banks will look at your debt, and co-ops will also look at this before approving any buyer.
2. Build your savings. While it’s OK to put down 10% or less, most lenders would prefer a 20% down payment, especially if you want to avoid private mortgage insurance (PMI). Most co-ops have minimum down payments in the 15-20% range, and some may even be more.
3. Check your credit score. If your score is below 700 try to figure out why and make an effort to improve it. We can recommend companies that work with clients to improve their score. A great credit score is especially important if you’re looking to buy a co-op, which will have certain minimum requirements.
4. Explore, Explore and Explore. I know it’s cold out there, but what a great time to get a feel for communities and neighborhoods. The holiday lights are amazing and residents are out supporting their local shops. Decide on the communities you prefer and concentrate your search there!
5. Set a budget. Look at your finances and decide what you can afford. Work with a professional mortgage broker or your favorite banker. Either way it will help you decide what works for your budget.
6 Finally, work with a professional. Don’t just go to open houses and search websites. Hire a Realtor who’s familiar with the areas you’re thinking of. Working with a Realtor can mean an easy transaction with help along the way. We are here to help, and we’ll be available during the holiday season to answer any questions you may have in planning the road ahead. Here’s to 2021!
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